South Florida luxury homebuilding firm Mark Timothy bought an oceanfront lot in Delray Beach for $11 million, likely with plans to build a spec house.
Records show 701 South Ocean LLC, managed by Mark Timothy Inc., bought the lot at 701 South Ocean Boulevard from Michael J. and Judith F. Rothberg.
Mark Timothy is led by Mark Pulte, son of the late founder of Atlanta-based PulteGroup, Bill Pulte. PulteGroup is the third largest homebuilder in the U.S, according to its website.
The sale was brokered by Pascal Liguori of Premier Estate Properties. The property was initially listed in August 2019 for $20 million.
The Rothbergs bought the 1.19-acre oceanfront property in 2017 for $13.4 million, and demolished the home on the site that year, records show. In July 2019, the Rothbergs filed documents to construct a new single-family residence and pool, among other improvements. However, Anthony Liguori confirmed that the property sold as an empty lot.
Requests for comment from Mark Timothy were not returned.
Delray Beach had a busy August. The founder of the Flex Seal Family of Products paid $20 million for a one-acre compound near Delray Beach. A former CEO at Equifax and Fidelity National Information Services sold his waterfront Delray Beach mansion for $5 million.